Indaptus Therapeutics (INDP) 10-Q 8 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-40652
Entity Registrant Name	Indaptus Therapeutics, Inc.
Entity Central Index Key	0001857044
Entity Tax Identification Number	86-3158720
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3 Columbus Circle
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(646)
Local Phone Number	427-2727
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	INDP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,538,883

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 9,741,638	$ 13,362,053
Prepaid expenses and other current assets	551,031	633,156
Total current assets	10,292,669	13,995,209
Non-current assets:
Property and equipment, net		735
Right-of-use asset	151,118	173,206
Other assets	504,728	754,728
Total non-current assets	655,846	928,669
Total assets	10,948,515	14,923,878
Current liabilities:
Accounts payable and other current liabilities	1,434,828	2,672,327
Operating lease liability, current portion	102,464	101,705
Total current liabilities	1,537,292	2,774,032
Non-current liabilities:
Operating lease liability, net of current portion	50,664	73,348
Total non-current liabilities	50,664	73,348
Total liabilities	1,587,956	2,847,380
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock: $0.01 par value, 200,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 8,538,883 shares issued and outstanding as of March 31, 2024 and 8,401,047 shares issued and outstanding as of December 31, 2023	85,389	84,011
Additional paid in capital	58,499,003	57,409,643
Accumulated deficit	(49,223,833)	(45,417,156)
Total stockholders’ equity	9,360,559	12,076,498
Total liabilities and stockholders’ equity	$ 10,948,515	$ 14,923,878

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,538,883	8,401,047
Common stock, shares outstanding	8,538,883	8,401,047

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 1,591,142	$ 1,879,900
General and administrative	2,352,097	2,575,266
Total operating expenses	3,943,239	4,455,166
Loss from operations	(3,943,239)	(4,455,166)
Other income, net	136,562	201,928
Net loss	$ (3,806,677)	$ (4,253,238)
Net loss available to common stockholders per share of common stock, basic	$ (0.45)	$ (0.51)
Net loss available to common stockholders per share of common stock, diluted	$ (0.45)	$ (0.51)
Weighted average number of shares used in calculating net loss per share, basic	8,442,364	8,401,047
Weighted average number of shares used in calculating net loss per share, diluted	8,442,364	8,401,047
Other comprehensive income:
Reclassification adjustment for interest earned on marketable securities included in net loss		$ (129,229)
Change in unrealized gain on marketable securities		210,252
Comprehensive loss	$ (3,806,677)	$ (4,172,215)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2022	$ 84,011	$ 54,443,705	$ (29,993,685)	$ 96,434	$ 24,630,465
Balance, shares at Dec. 31, 2022	8,401,047
Stock-based compensation		727,144			727,144
Reclassification adjustment for interest earned on marketable securities included in net loss				(129,229)	(129,229)
Change in unrealized gain on marketable securities				210,252	210,252
Net loss			(4,253,238)		(4,253,238)
Balance at Mar. 31, 2023	$ 84,011	55,170,849	(34,246,923)	177,457	21,185,394
Balance, shares at Mar. 31, 2023	8,401,047
Balance at Dec. 31, 2023	$ 84,011	57,409,643	(45,417,156)		12,076,498
Balance, shares at Dec. 31, 2023	8,401,047
Stock-based compensation		774,691			774,691
Reclassification adjustment for interest earned on marketable securities included in net loss
Change in unrealized gain on marketable securities
Net loss			(3,806,677)		(3,806,677)
Issuance of shares of common stock, net of issuance costs (Note 6)	$ 1,378	314,669			316,047
Issuance of shares of common stock, net of issuance costs (Note 6), shares	137,836
Balance at Mar. 31, 2024	$ 85,389	$ 58,499,003	$ (49,223,833)		$ 9,360,559
Balance, shares at Mar. 31, 2024	8,538,883

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (3,806,677)	$ (4,253,238)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	735	321
Stock-based compensation	774,691	727,144
Interest earned on marketable securities		(129,229)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	332,125	324,205
Accounts payable and other current liabilities	(1,237,499)	(1,630,225)
Operating lease right-of-use asset and liability, net	163	(1,200)
Net cash used in operating activities	(3,936,462)	(4,962,222)
Cash flows from investing activities:
Maturity of marketable securities		9,000,000
Purchase of marketable securities		(6,859,432)
Net cash provided by investing activities		2,140,568
Cash flows from financing activities:
Issuance of shares of common stock	336,044
Issuance costs	(19,997)
Net cash provided by financing activities	316,047
Net decrease in cash and cash equivalents	(3,620,415)	(2,821,654)
Cash and cash equivalents at beginning of period	13,362,053	9,626,800
Cash and cash equivalents at end of period	9,741,638	6,805,146
Noncash investing and financing activities
Change in accumulated other comprehensive income		81,023
ASC 842 lease renewal option exercise		236,506
Reclassification of security deposit		$ 16,477

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (3,806,677)	$ (4,253,238)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GENERAL

GENERAL	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1: GENERAL Indaptus Therapeutics, Inc. and its wholly-owned subsidiaries, Decoy Biosystems, Inc. and Intec Pharma Ltd., collectively (the “Company”), is a biotechnology company dedicated to enhancing and expanding curative cancer immunotherapy for patients with unresectable or metastatic solid tumors and lymphomas, which are responsible for more than 90% of all cancer deaths. The Company is developing a novel, multi-targeted product that activates both innate and adaptive anti-tumor and anti-viral immune responses. Risks and uncertainties The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional capital (or financing) to fund operations (see below), competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, and dependence on key individuals. Going concern and management’s plans The Company has incurred net losses and utilized cash in operations since inception. For the three-month period ended March 31, 2024, the Company incurred a net loss of approximately $ 3.8 49.2 3.9 As a result of these uncertainties, there is substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed consolidated financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that would result if the Company was unable to continue as a going concern.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and SEC Regulation S-X Article 10 for interim financial statements. Accordingly, they do not contain all the information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2024, and the consolidated results of operations and comprehensive loss and changes in stockholders’ equity for the three-month periods ended March 31, 2024 and 2023 and cash flows for the three-month periods ended March 31, 2024 and 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 13, 2024. The condensed consolidated balance sheet data as of December 31, 2023, included in these unaudited condensed consolidated financial statements was derived from the audited financial statements for the year ended December 31, 2023, but does not include all disclosures required by US GAAP for annual financial statements. The results for the three-month period ended March 31, 2024, are not necessarily indicative of the results expected for the year ending December 31, 2024. Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Indaptus Therapeutics, Inc. and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of shares of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES For the three months 2024 2023 Outstanding stock options 2,315,272 1,873,929 Warrants 3,090,787 3,090,787 Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and development are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid expense, which will be amortized or expensed as the contracted services are performed. Recently issued accounting standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting,” including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Adoption of this ASU is currently being evaluated by the Company. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses And Other Current Assets
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3: PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS March 31, December 31, 2024 2023 Prepaid insurance $ 323,572 $ 554,097 Prepaid research and development 114,749 17,309 Other prepaid expenses 112,710 61,750 Total prepaid expenses and other current assets $ 551,031 $ 633,156 Prepaid expenses and other current assets $ 551,031 $ 633,156

ACCOUNTS PAYABLE AND OTHER CURR

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	NOTE 4: ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES March 31, December 31, 2024 2023 Accounts payable $ 405,457 $ 806,004 Accrued employee costs 374,446 1,213,054 Accrued professional fees 107,358 39,165 Accrued research and development 353,707 439,024 Accrued board fees 117,750 117,750 Delaware franchise taxes payable 50,000 40,000 Other accrued expenses 26,110 17,330 Total accounts payable and other current liabilities $ 1,434,828 $ 2,672,327

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 5: STOCK-BASED COMPENSATION The Company has an equity incentive plan for grants to employees, officers, consultants, directors, and other service providers that was approved in 2021 (the “2021 Plan”). The maximum aggregate number of shares that may be issued pursuant to this 2021 Plan is 1,864,963 shares (the “Pool”). On January 1, 2022, January 1, 2023 and January 1, 2024 the Pool was increased by 247,758 shares, 252,031 shares and 252,031 shares, respectively. In no event shall more than 1,864,963 shares be available for issuance for Incentive Stock Options (as defined in the 2021 Plan) under the 2021 Plan. The 2021 Plan provides for the grant of non-qualified stock options, incentive stock options, restricted stock awards, restricted stock units, unrestricted stock awards, stock appreciation rights and other forms of stock-based compensation. The 2021 Plan permits the Company’s board to change the type, terms and conditions of awards as circumstances may change. This flexibility to adjust the type of compensation to be granted is particularly important given current economic and world events. A summary of the stock option activity during the three months ended March 31, 2024, is presented in the table below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2024 2,050,197 $ 10.90 7.9 $ 36,363 Granted 345,750 $ 1.74 - $ - Outstanding as of March 31, 2024 2,395,947 $ 9.50 7.9 $ 417,178 Exercisable as of March 31, 2024 1,386,339 $ 14.01 7.3 $ 69,060 Vested and expected to vest as of March 31, 2024 2,395,947 $ 9.50 7.9 $ 417,178 The following table summarizes the total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented: SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2024 2023 For the three months 2024 2023 Research and development $ 217,819 $ 192,544 General and administrative 556,872 534,600 Total stock-based compensation expense $ 774,691 $ 727,144 As of March 31, 2024, total compensation cost not yet recognized related to unvested stock options was approximately $ 2.0 1.3 The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates of highly subjective assumptions, which affect the fair value of each stock option. The weighted average inputs used to measure the value of the options granted during the three months ended March 31, 2024 are presented in the table below. The weighted average fair value of stock options issued during the three months ended March 31, 2024 was $ 1.49 SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2024 Exercise price $ 1.74 Expected term (in years) 5.9 Volatility 115.5 % Risk free rate 4.0 % Dividend yield 0 % The following table presents the exercise price of outstanding stock options as of March 31, 2024: SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Exercise price Options $0.01 - $8.00 1,368,999 $ 0.01 8.00 1,368,999 $ 8.01 16.00 992,250 $ 16.00 34,698 Total 2,395,947

CAPITALIZATION

CAPITALIZATION	3 Months Ended
	Mar. 31, 2024
Capitalization
CAPITALIZATION	NOTE 6: CAPITALIZATION a. As of March 31, 2024 and December 31, 2023, the Company had 200,000,000 shares of common stock authorized and 8,538,883 and 8,401,047 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, there were warrants outstanding to purchase an aggregate of 3,090,787 shares of common stock. As of March 31, 2024, these warrants are exercisable at a weighted average price of $ 12.50 and their weighted average remaining contractual term is 2.7 years. b. On June 1, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) which was amended on September 1, 2022 with a sales agent, pursuant to which the Company may offer and sell, from time to time through the sales agent, shares of the Company’s common stock, par value $ 0.01 per share. The issuance and sale of common stock by the Company under the ATM Agreement In March 2024, t 137,836 shares of the Company’s common stock for aggregate gross proceeds of $ 0.3 million. The Company’s ability to issue shares under the shelf registration statement on Form S-3 is limited by General Instruction I.B.6 to Form S-3.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7: COMMITMENTS AND CONTINGENCIES Litigation From time to time, the Company could become involved in disputes and various litigation matters that arise in the normal course of business. These may include disputes and lawsuits related to intellectual property, licensing, contract law and employee relations matters. Periodically, the Company reviews the status of significant matters, if any exist, and assesses its potential financial exposure. If the potential loss from any claim or legal claim is considered probable and the amount of such potential loss can be estimated, the Company accrues liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based on the best information available at the time. As additional information becomes available, the Company reassesses the potential liability related to pending claims and litigation. Leases Future minimum annual lease payments and a reconciliation to the Company’s operating lease liability under the Company’s noncancelable operating lease as of March 31, 2024 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2024 (remaining) $ 76,406 2025 (lease ends October 31, 2025) 86,862 Total minimum lease payments 163,268 Less: amount representing interest (10,140 ) Present value of operating lease liability 153,128 Less: current portion (102,464 ) Operating lease liability, net of current portion $ 50,664 The Company recognized rent expense of $ 25,462 24,356 25,300 24,716

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events
SUBSEQUENT EVENTS	NOTE 8: SUBSEQUENT EVENTS The Company evaluated subsequent events from March 31, 2024, the date of these unaudited condensed consolidated financial statements, through May 8, 2024, which represents the date the condensed consolidated financial statements were issued, for events requiring recognition or disclosure in the condensed consolidated financial statements for the three months ended March 31, 2024. The Company concluded that no events have occurred that would require recognition or disclosure in the condensed consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and SEC Regulation S-X Article 10 for interim financial statements. Accordingly, they do not contain all the information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2024, and the consolidated results of operations and comprehensive loss and changes in stockholders’ equity for the three-month periods ended March 31, 2024 and 2023 and cash flows for the three-month periods ended March 31, 2024 and 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 13, 2024. The condensed consolidated balance sheet data as of December 31, 2023, included in these unaudited condensed consolidated financial statements was derived from the audited financial statements for the year ended December 31, 2023, but does not include all disclosures required by US GAAP for annual financial statements. The results for the three-month period ended March 31, 2024, are not necessarily indicative of the results expected for the year ending December 31, 2024.
Principles of consolidation	Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Indaptus Therapeutics, Inc. and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation.
Use of estimates	Use of estimates The preparation of the unaudited condensed consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. The most significant estimates relate to the determination of the fair value of stock-based compensation and the determination of period-end obligations to certain contract research organizations. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts when facts and circumstances dictate. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates.
Loss per share	Loss per share Loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of shares of common stock outstanding during the period. Diluted loss per share is based upon the weighted average number of shares of common stock and of common stock equivalents outstanding when dilutive. Common stock equivalents include outstanding stock options and warrants which are included under the treasury stock method when dilutive. The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES For the three months 2024 2023 Outstanding stock options 2,315,272 1,873,929 Warrants 3,090,787 3,090,787
Research and development expenses	Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors and materials used for research and development activities, including clinical trials and professional services. All costs associated with research and development are expensed as incurred. The Company accrues for expenses resulting from obligations under agreements with contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and other outside service providers for which payment flows do not match the periods over which services or materials are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid expense, which will be amortized or expensed as the contracted services are performed.
Recently issued accounting standards	Recently issued accounting standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which sets forth improvements to the current segment disclosure requirements in accordance with Topic 280 “Segment Reporting,” including clarifying that entities with a single reportable segment are subject to both new and existing segment reporting requirements. ASU 2023-07 will be effective retrospectively for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Adoption of this ASU is currently being evaluated by the Company. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for public entities with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF ANTI-DILUTIVE SECURITIES	The following number of stock options and warrants were excluded from the calculation of diluted loss per share because their effect would have been anti-dilutive for the periods presented (share data): SCHEDULE OF ANTI-DILUTIVE SECURITIES For the three months 2024 2023 Outstanding stock options 2,315,272 1,873,929 Warrants 3,090,787 3,090,787

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Prepaid Expenses And Other Current Assets
SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS	Prepaid expenses and other current assets are comprised of the following: SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS March 31, December 31, 2024 2023 Prepaid insurance $ 323,572 $ 554,097 Prepaid research and development 114,749 17,309 Other prepaid expenses 112,710 61,750 Total prepaid expenses and other current assets $ 551,031 $ 633,156 Prepaid expenses and other current assets $ 551,031 $ 633,156

ACCOUNTS PAYABLE AND OTHER CU_2

ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES	Accounts payable and other current liabilities are comprised of the following: SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES March 31, December 31, 2024 2023 Accounts payable $ 405,457 $ 806,004 Accrued employee costs 374,446 1,213,054 Accrued professional fees 107,358 39,165 Accrued research and development 353,707 439,024 Accrued board fees 117,750 117,750 Delaware franchise taxes payable 50,000 40,000 Other accrued expenses 26,110 17,330 Total accounts payable and other current liabilities $ 1,434,828 $ 2,672,327

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK OPTION ACTIVITY	A summary of the stock option activity during the three months ended March 31, 2024, is presented in the table below: SCHEDULE OF STOCK OPTION ACTIVITY Weighted average Number of Exercise Remaining Intrinsic value Outstanding as of January 1, 2024 2,050,197 $ 10.90 7.9 $ 36,363 Granted 345,750 $ 1.74 - $ - Outstanding as of March 31, 2024 2,395,947 $ 9.50 7.9 $ 417,178 Exercisable as of March 31, 2024 1,386,339 $ 14.01 7.3 $ 69,060 Vested and expected to vest as of March 31, 2024 2,395,947 $ 9.50 7.9 $ 417,178
SCHEDULE OF STOCK BASED COMPENSATION EXPENSES	The following table summarizes the total stock-based compensation expense included in the condensed consolidated statements of operations for the periods presented: SCHEDULE OF STOCK BASED COMPENSATION EXPENSES 2024 2023 For the three months 2024 2023 Research and development $ 217,819 $ 192,544 General and administrative 556,872 534,600 Total stock-based compensation expense $ 774,691 $ 727,144
SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED	SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED 2024 Exercise price $ 1.74 Expected term (in years) 5.9 Volatility 115.5 % Risk free rate 4.0 % Dividend yield 0 %
SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS	The following table presents the exercise price of outstanding stock options as of March 31, 2024: SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS Exercise price Options $0.01 - $8.00 1,368,999 $ 0.01 8.00 1,368,999 $ 8.01 16.00 992,250 $ 16.00 34,698 Total 2,395,947

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
SUMMARY OF MINIMUM LEASE PAYMENTS	Future minimum annual lease payments and a reconciliation to the Company’s operating lease liability under the Company’s noncancelable operating lease as of March 31, 2024 are as follows: SUMMARY OF MINIMUM LEASE PAYMENTS 2024 (remaining) $ 76,406 2025 (lease ends October 31, 2025) 86,862 Total minimum lease payments 163,268 Less: amount representing interest (10,140 ) Present value of operating lease liability 153,128 Less: current portion (102,464 ) Operating lease liability, net of current portion $ 50,664

GENERAL (Details Narrative)

GENERAL (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 3,806,677	$ 4,253,238
Accumulated deficit	49,223,833		$ 45,417,156
Cash in operations	$ 3,936,462	$ 4,962,222

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	2,315,272	1,873,929
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	3,090,787	3,090,787	3,090,787

SCHEDULE OF PREPAID EXPENSE AND

SCHEDULE OF PREPAID EXPENSE AND OTHER CURRENT ASSETS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expenses And Other Current Assets
Prepaid insurance	$ 323,572	$ 554,097
Prepaid research and development	114,749	17,309
Other prepaid expenses	112,710	61,750
Prepaid expenses and other current assets	$ 551,031	$ 633,156

SCHEDULE OF ACCOUNTS PAYABLE AN

SCHEDULE OF ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 405,457	$ 806,004
Accrued employee costs	374,446	1,213,054
Accrued professional fees	107,358	39,165
Accrued research and development	353,707	439,024
Accrued board fees	117,750	117,750
Delaware franchise taxes payable	50,000	40,000
Other accrued expenses	26,110	17,330
Total accounts payable and other current liabilities	$ 1,434,828	$ 2,672,327

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of options, Outstanding, Beginning balance	2,050,197
Weighted average exercise price, Outstanding, Beginning balance	$ 10.90
Weighted average remaining contractual life, Outstanding, Ending balance	7 years 10 months 24 days	7 years 10 months 24 days
Intrinsic value, Outstanding, Beginning balance	$ 36,363
Number of options, Granted	345,750
Weighted average exercise price, Granted	$ 1.74
Intrinsic value, Granted
Number of options, Outstanding, Ending balance	2,395,947	2,050,197
Weighted average exercise price, Ending balance	$ 9.50	$ 10.90
Intrinsic value, Outstanding, Ending balance	$ 417,178	$ 36,363
Number of options, Exercisable	1,386,339
Weighted average exercise price, Exercisable	$ 14.01
Weighted average remaining contractual life, Exercisable	7 years 3 months 18 days
Intrinsic value, Exercisable	$ 69,060
Number of options, Vested and expected to vest	2,395,947
Weighted average exercise price, Vested and expected to vest	$ 9.50
Weighted average remaining contractual life (in years), Vested and expected to vest	7 years 10 months 24 days
Intrinsic value, Vested and expected to vest	$ 417,178

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION EXPENSES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 774,691	$ 727,144
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	217,819	192,544
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 556,872	$ 534,600

SCHEDULE OF WEIGHTED AVERAGE IN

SCHEDULE OF WEIGHTED AVERAGE INPUTS USED TO MEASURE VALUE OF OPTIONS GRANTED (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Exercise price	$ 1.74
Expected term (in years)	5 years 10 months 24 days
Volatility	115.50%
Risk free rate	4%
Dividend yield	0%

SCHEDULE OF EXERCISE PRICE OF O

SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS (Details)	Mar. 31, 2024 shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding	2,395,947
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding	1,368,999
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding	992,250
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding	34,698

SCHEDULE OF EXERCISE PRICE OF_2

SCHEDULE OF EXERCISE PRICE OF OUTSTANDING STOCK OPTIONS (Details) (Parenthetical)	3 Months Ended
	Mar. 31, 2024 $ / shares
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 0.01
Exercise price range upper range limit	8
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	8.01
Exercise price range upper range limit	16
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range lower range limit	$ 16

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation, not yet recognized	$ 2
Share-based compensation, not yet recognized, term	1 year 3 months 18 days
Weighted average fair value of stock options issued	$ 1.49
Two Thousand Twenty One Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		252,031	252,031	247,758
Two Thousand Twenty One Plan [Member] | Employees Officers Consultants Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	1,864,963

CAPITALIZATION (Details Narrati

CAPITALIZATION (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 01, 2022
Common stock shares authorized	200,000,000	200,000,000		200,000,000
Common stock shares issued	8,538,883	8,538,883		8,401,047
Common stock shares outstanding	8,538,883	8,538,883		8,401,047
Common stock, par value	$ 0.01	$ 0.01		$ 0.01
Proceeds from issuance of common stock		$ 336,044
At The Market Offering Agreement [Member] | H C Wainwright And Co L L C [Member]
Common stock, par value					$ 0.01
Shares issued	137,836
Proceeds from issuance of common stock	$ 300,000
Warrant [Member]
Weighted average exercise price	$ 12.50	$ 12.50
Weighted average, remaining contractual life		2 years 8 months 12 days
Warrant [Member]
Warrants outstanding to purchase		3,090,787	3,090,787	3,090,787

SUMMARY OF MINIMUM LEASE PAYMEN

SUMMARY OF MINIMUM LEASE PAYMENTS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024 (remaining)	$ 76,406
2025 (lease ends October 31, 2025)	86,862
Total minimum lease payments	163,268
Less: amount representing interest	(10,140)
Present value of operating lease liability	153,128
Less: current portion	(102,464)	$ (101,705)
Operating lease liability, net of current portion	$ 50,664	$ 73,348

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 25,462	$ 24,356
Operating lease payments	$ 25,300	$ 24,716